As a trustee, the issue of whether a particular decision is "momentous" is often clear, as is the need to apply to court for its blessing of that decision. However, there are many circumstances where the position is less clear, or where there are complicating factors which make the decision more complex.

On 12 July 2016, the European Commission (the "Commission") adopted the EU-US Privacy Shield, bringing to an end a period of uncertainty over the framework under which EU-US data transfers should be lawfully effected.

Since our last briefing note on this topic, on 29 February 2016 the European Commission (the "Commission") published the legal texts that will put in place the EU-US Privacy Shield together with a Communication setting out the steps that have been taken to restore confidence in the exchange of data between the EU and the US.

Carey Olsen is acting for Hadley Chilton and John Greenwood (Baker Tilly), joint liquidators of a number of BVI hedge funds, against a US Court-appointed receiver and Bahamian liquidators of certain BC Capital entities over claims in the Guernsey Royal Court regarding substantial assets held by EFG Private Bank (Channel Islands) Limited.

As explained in detail in our article from October 2015, the Court of Justice of the European Union declared in its judgment in the case of Schrems v Facebook that the EU-US Safe Harbor agreement (Safe Harbor) was invalid.